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for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money. i do think people will get fed up with obama. one thing i'm very optimistic about which i was not before, i thought if we didn't repeal obama care in the next four years, if romney didn't win we would never repeal it. you are starting hear, you saw the donna brazil tweet i can't believe my insurance company just raised my rates. bad things are going to happen as o
and then there's cyprus and the impact there on the rest of europe and the globe. michelle caruso-cabrera has made the trek to that small island nation that is right now ground zero for europe's financial problems. michelle? >> reporter: hi there, tyler. the latest is the president says he's going to meet with parliament tomorrow morning. there's still no plan here. in fact, you heard about plan a which was to tax deposits. now we have heard that plan b has been rejected by the troika as well. cyprus government said to the troika, their european partners who they want them to lend money to, they said to them, listen, instead of taxing deposits why don't we do this instead. we have a pension fund, we'll raid it, take the cash, turn it into bond and we'll pay it back over time. the troika said that doesn't do anything for you. you still have liabilities. then they said we're also going it try to sell one of the bad banks. and the fact of the matter is if the bad bank were sellable, people like chris flowers and wilbur ross and tim collins would have been here a long time trying to buy it. they
's finance minister. we also have michelle caruso cabrera here in new jersey. you should be somewhere, right? >> we had a long discussion about it. >> all of these fantastic reporters -- >> couldn't find any five-star hotels there, right? >> you've got me figured out. >> we're going to connect all the dots and figure out what may happen next. first, let's start with julia for a recap of how the entire story line went down for those who are not in the know this morning. julia. >> morning, guys. yes, well, in the early hours of saturday morning, we got wa arguably looks like a game changer in the european's response to bailout in the eurozone. of course, there are many aspects on this. the russian involvement, just the sheer size of the cypriot banking sector, almost eight times the size of the country's gdp. but what we heard on saturday morning was, yes, there will be a bailin of depositors and that levy that's going to be imposed to them was already frozen. the first question then, of course, is what happens to the remaining cash? are depositors able to remove that cash when the banks open
. >>> up next, we'll take you live to cyprus, michelle caruso-cabrera on the ground live with the latest developments on the debt crisis there. we'll talk with a local business insider who's extremely concerned about the fate of his country's economy. and later, if the fed is calling for moderate growth in the economy, that has to be good news for the world's largest coffee chain, right? howard schultz will talk with me and i'll get his reaction to developments in europe and today's shareholder meeting. >>> and on a lighter note, watch out, superman, schultz is now a comic book hero. we'll get the lowdown on his super powers, next. >>> welcome >>> welcome back. officials in cyprus struggling to avoid a financial meltdown after its parliament rejected an international bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fund. cash in the pension fund
this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parliament resoundingly rejected the idea of taking money from bank deposits here in order to secure a bailout. the rest of europe groan. protest yourself, however, cheered. now they have to get back to work tomorrow, come up with a plan b., how are they going to get 5.8 billion euros, that's what they have to do to get another $10 billion in loans from the european partners in order to resolve the situation of their near-busted banks. also adding to the drama today, the finance minister tried to resign. it's not clear why. the president wouldn't let him. and then he immediately left for russia. as you mentioned, to try to secure some kind of help, maybe in exchange for natural gas rights. at minimum, they would just like easier terms on a loan that russia gave two years ago. the banks are supposed to reopen thursday but increa
out to michelle. >> hey there, steve. i'll show everybody a headline from one of the local newspapers here if you don't read greek it says russia roulette. in the meantime, the situation here is extremely critical for the banking system. every day that goes by without some kind of plan is one step closer to potential financial collapse of the entire country. the european central bank is still supporting the financial system here with hard cash. it's being delivered to atm machines. that's crucial because it is a lifeline for the people here because the banks are still closed. they've been closed all week. people have been telling us that in fact when they go to stores and such, they're now being told that the vendor or owner of the shop doesn't want a credit card or debit card, they want cash. with banks closed, the businesses can no longer access working capital so they are hoarding cash. you see constant stream of people at the atms. the banks are likely to remain closed through the weekend if they don't come up with a plan. they were supposed to reopen tomorrow. that would be suici
, that will good. >> see you later, as well. ty, up to you. >>> cnbc has this story covered in europe. michelle caruso cabrera on the insides of that deal and reverberations. she's on her way soon to that part of the world. steve liesman on his way soon to westchester county. robert, who knows where he's going. what it might mean for russia's rich. >> nondisclosed location. >> tyler, i'm looking at the markets and the commentary coming in to my e-mail. i think knee-jerk contagion is now becoming contagion as some investors doubt that what's going on in cyprus is really raising concerns about the positive insurance worldwide. citi group in a report that just came out, contagion risks are over rated in our view. the risk of bank runs in other euro area countries has clearly risen but the unique features of the cypriot situation should limit the read through to other cases in the euro area. in case you didn't know this, issuing a strong statement the reassure american depositors. while the situation in cyprus is a real concern for the depositors in cypriot's banks, depositors in the u.s. banks are
's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. that doesn't mean they will, however, because cyprus has to figure out some way to contribute to this bailout. they would have to tax the biggest depositors, the russians even more than the 10%. they are
in cyprus getting worse today, banks will not open until next week at the he earliest. good evening michelle. >> larry, another day, another attempt to try to come up with a rescue plan for cyprus, today cyprus suggested that they would try to raid a pension fund, and promise to pay the workers down the road. but that idea was not liked. additionally they are trying get money from trussia. there's a deep and close relationship with russia, they are trying to come up with a deal or a bailout. so far they are empty handed. in the meantime the banks are closed. the european central bank is flying in cash so the ats have money, they can only do it for so long. they can not under insolvent banks. and two of the banks are clearly insolvent. so they have a choice of shutting down a couple of banks or leaving the euro. >> as michelle said, the big part of the story is russia. will russia rescue cyrus and their own tax laundering haven. steve is in moscow. >> reporter: yes they came to russia looking for financial support for their country after they brokered a deal in the terms of the european union
of that is very unclear. the banks remain closed, demonstrations are starting to take shape and our michelle ka rus michelle will have a live report later. >> keep our cash. get it in the bank. >> find the people responsible for this mess, prosecute them, put them in prison. >> obviously that gentleman is extremely mad. the other side of the story is also anger from russia on a deal to tax those banks accounts because so many russians keep their money in cyprus. so peter, my question to you is, as the finance minister is expected to go to russia tonight, how could russia retaliate? how could the russian government, because it is so angry, what will they do and what could they do? >> well, there are a lot of reactions they could have. first of all, it's hard for me to see shock. it's an island that created eight times of its economy in foreign deposits. most of those were from russia. we're talking about something like 20 billion euros, almost $40 billion worth. the fact is, they are going to be taxed. if you think about a banking system where the banking system is self is eight times the island
and. let's get more on the cypress controversy. michelle caruso-cabrera with the latest on this developing story. >> instead of the tradition route of severe austerity across the country with much higher taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress n
us from cyprus is our chief international correspondent michelle caruso-cabrera. michelle? >> hi there, scott. >> as a result of rejecting that plan last night in parliament and now it's plan b and it's emergency meeting after emergency meeting to try to fig you out a way for this government to come down in euros in either savings or revenues in order to get a $10 billion euro loan to bail out their banks. they've got to come up with that number or else we'll come up with a meltdown. in the wakes of the vote yesterday told the cypriots. don't think you're negotiating this deal. don't come back to us. it was a toughly-worded statement. russia, by the way, is not buying one of the troubled banks. there had been a report that that was going to happen that briefly spiked the euro. and one of the government spokespersons immediately said it was false and we saw that rally disappear. there's a cabinet meeting two hours from now and at some point they've got to announce, what are they going to do about the banks tomorrow? are they going re-open or not? it seems implausible at this point
they put your last name with a comma and then your first name. michelle gerard, chief u.s. economist at rgf, kevin ferry of cronus futures management. michelle, what we finally decided yesterday was the fed gets more cover to keep doing what it's doing. just about anything you can turn into a positive when you have a fed -- >> exactly. that's exactly right. bad news that undermines the equity markets and in the sense of saying, well, the fed will end up editing to keep rates lower. >> even if the contagion doesn't hit europe and it doesn't come here, it's just knowing -- >> that's the down side risk against the fed in an accommodative mode, not quick to pullback whether we're talking about hiking, layoffs or what's the more pressing issue in the marketplace is how soon they may cale back on their purchases. that is now off the radar screen as people are more concerned about europe, the sequester. all these things which will keep the fed in a very accommodative mode. only the make sure they have the support. >> 27 places to keep the fed going. to give ben cover, right? >> not only in europe,
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Search Results 0 to 13 of about 14